So the rumor which Michael Wolff first mentioned was true: former AOL chief Bob Pittman has quietly bought privately held DailyCandy a few weeks ago for roughly $3.5 million to $4 million.
Dany Levy, the founder and chairman of DailyCandy, will retain a significant stake in the company - around 20 percent - and remain editor-in-chief.

The plan behind Pittman’s investment is to help transform DailyCandy from a website into a multimedia player that could extend its brand into magazines and books, stand-alone television shows and perhaps even shopping or restaurant guides.